13th February 2026– Makerere University successfully hosted the First African Symposium on Natural Capital Accounting and Climate-Sensitive Macroeconomic Modelling (12th to 13th February 2026), a landmark continental gathering aimed at strengthening Africa’s ability to integrate climate and natural capital issues into economic and fiscal decision-making.
Held under the theme “Climate-Sensitive Macroeconomics: Rethinking Growth in Africa’s Natural Resource”, the two-day symposium attracted over 250 participants from Africa, Europe and beyond, consisting of policymakers, researchers, universities, think tanks, development partners, and media representatives, who collectively called for deeper research–policy collaboration to drive sustainable development.
Consensus on Natural Capital Accounting and Climate-Sensitive Macroeconomic Modelling
Following the two-day proceedings, including a compelling keynote address, expert opinions, technical and research-informed presentations, panel discussions, the participants agreed to undertake the following strategic approaches.
- Strengthening Macroeconomic Analysis and Uptake
- Building National Eco-Systems
- Promoting Peer Learning and Regional Exchange
- Building an Africa knowledge and learning community
Africa-Centred strategies
The participants committed to the development of Africa knowledge and learning community on Climate-Sensitive Macroeconomics, as part of the Pan-African Finance Ministers’ Forum on Climate Action (PAFCA), with the following objectives:
- Producing regionally anchored analysis that supports the economic case for climate action in Africa
- Strengthening the relevance of economic analysis to support Governments in Africa to deal with trade-offs and take informed policy decisions
- Ensuring sustainability and local ownership by systematically strengthening the capacity of national universities, research centres, and training institutions
- Fostering peer-learning, maximizing synergies, and avoiding duplication of research and training initiatives
Emphasizing the role of regional centres of excellence
The participants stressed the role of regional centres of excellence, such as the Centre of Excellence for Africa Climate-Sensitive Macroeconomic Modelling (CEACM) at Makerere University, in convening dialogue, and supporting collaboration among institutions.
Highlights
The symposium was officially opened on 12th February 2026 by the Minister of State for Finance (General Duties), Hon. Henry Musasizi. The Minister of State for Environment, Hon. Beatrice Anywar Atim, also participated in the Symposium.
The Symposium was intended to strengthen Africa’s analytical and institutional capacity to ensure that climate risks and natural resource depletion are reflected in national planning, macroeconomic modelling, and fiscal frameworks.
Call for Research that Impacts Policy
Addressing the participants at the symposium, Prof. Edward Bbaale, Principal, Makerere University College of Business and Management Sciences (CoBAMS), emphasised the need for African institutions to build stronger coalitions and improve knowledge sharing to avoid duplication of research efforts.
“We are doing research, and we developed a Natural Capital Accounting model and developed a short course. We are involved in the NCA processes and we are engaging the relevant MDAs. We are writing fiscal policy briefs on existing NCA accounts,” Prof. Bbaale said.
He added that Makerere University is already expanding its academic offerings to respond to Africa’s emerging climate governance needs. “We are looking at integrating natural capital and climate into modelling and many other short courses already part of our menu. We partner but Africa is looking at its uniqueness,” he said.
Prof. Bbaale stressed the need for collaboration across institutions. “We want to partner with other ministries, universities and other think tanks and have a feedback relationship,” he stated.
Climate Policy is a Governance Challenge
Prof. Bbaale urged participants to look beyond technical modelling and address governance barriers that prevent evidence-based decision-making.
“Bridging the gap between climate science and policy is not merely a technical task — it is a governance challenge that requires structured collaboration between researchers and decision-makers,” he said.
Finance Ministry integrating Climate into Macroeconomic Models
Dr Albert Musisi, Commissioner for Macroeconomic Policy at the Ministry of Finance, Planning and Economic Development (MoFPED) said Uganda is increasingly prioritising climate-sensitive planning due to its vulnerability to climate shocks.
“There is a need to build capacity in climate-sensitive macroeconomic modelling. We are integrating climate change into macro models,” Dr. Musisi said.
He noted that Uganda’s development planning must incorporate both climate mitigation and adaptation strategies. “We need to combine mitigation and adaptation in our work,” he added.
Dr. Musisi explained that climate change has already affected Uganda’s economic growth, prompting government to improve its modelling systems. “Our growth was being affected by climate change which wasn’t being captured and we decided to capture this into our integrated model. We are extending the social accounting matrix to fit in our IMEM,” he said.
He said government is still relying on external models and requires collaboration with academic institutions to strengthen local capacity.
“We have not yet been able to conclude and that’s why we need to collaborate with Makerere University, and other partners. We are using external models. We need a framework to bring in all issues to do with mitigation and adaptation,” Dr. Musisi said.
He added that Uganda is now factoring climate financing into its planning frameworks. “Uganda has higher vulnerability to climate change shocks and lower scores for readiness to respond compared to peer states in East Africa. This is why the Ministry of Finance, Planning and Economic Development (MoFPED) is incorporating climate change into its macroeconomic planning,” Dr. Musisi said.
“What we are now doing is incorporating climate financing in all our plans,” he added.
Experts Urge Climate Research that Shapes Investment Decisions
Associate Professor and Dean at Makerere University School of Economics, Dr. Ibrahim Mike Okumu, said climate research must go beyond theory and directly influence investment and policy.
“The question before us is not whether climate-research matters, but how it shapes policy and investment decisions,” Assoc. Prof. Okumu said.
He pointed to Uganda’s progress in climate budgeting while acknowledging that natural capital accounting is still evolving.
“In Uganda, initiatives such as climate budgeting signal progress. Natural Capital Accounting remains a work in progress. Climate change demands research in local capacity. Advancing macroeconomic modelling is essential for sustainability,” he said.
Development partners applaud Makerere’s Leadership
Amrei Horstbrink, a representative from the United Nations Partnership for Action on Green Economy (PAGE), applauded Makerere University and its partners for pushing the climate governance agenda forward.
She emphasised the need for universities to shift from academic outputs to measurable policy influence.
Training Gaps in Economics Curricula Highlighted
Meanwhile, Prof. Heinrich Bohlmann from the University of Pretoria warned that climate and macroeconomic modelling remains underrepresented in economics education across the continent.
“Economy-wide system thinking is key when evaluating climate shocks and policy responses, however, these remain largely absent from most economics curriculums. More training for both teachers and students are required,” he said.
Way Forward
The symposium concluded with renewed calls for African governments and academic institutions to build stronger institutional frameworks, invest in climate modelling skills, and develop locally-driven research capable of shaping fiscal policy.
Participants also urged universities to introduce more short courses in climate change and macroeconomic modelling, and to strengthen collaboration with ministries and development partners to ensure research translates into tangible policy reforms.
The symposium was held under the banner #AfricaNCASymposium26, with organisers describing it as a major step toward aligning Africa’s economic growth ambitions with environmental sustainability.
Organizers
The two-day Symposium was held under the auspices of Makerere University (Mak), the Centre of Excellence for Africa Climate-Sensitive Macroeconomic Modelling (CEACM), in partnership with the Ministry of Finance, Planning and Economic Development (MoFPED) in Uganda, Environment for Development (EfD) Initiative, Mak College of Business and Management Sciences (CoBAMS), the Coalition of Finance Ministers for Climate Action (CFMCA), the Partnership for Action on Green Economy (PAGE), and the Global Green Growth Institute (GGGI).